VPBank to particiapte in SME financing project phase II & III (SMEFP II & III)
Recently, in Hanoi, Vietnam Prosperity Bank (VP Bank) has officially been approved by the Governor of the State Bank of Vietnam to sign the framework agreement of financing project for Small and Medium Enterprises Phase II & III (SMEFP II & III) with the Representative of the State Bank of Vietnam (SBV) which is the management committee of ODA International Credit Projects.
SMEFP II & III belongs to the financing plan for small and medium enterprises (SME) funded by Japan International Cooperation Agency (JICA) aiming to support SMEs to strengthen competitiveness in the current economic context. SMEFP II & III is implemented by establishing on-lending loans through commercial banks, contributing to simplifying the procedures of SMEs to access the medium and long term loans; simultaneously supporting the development strategy of the bank in SME funding and capacity building for SBV in management mechanism.
With the goal to become one of 5 leading Joint stock Commercial Banks in Vietnam, in its development strategy, VPBank specially focuses on supporting SME customer segment. The fact that VPBank has been approved to participate in SMEFP II & III will help SMEs access to ODA credit capital sources to develop production and business, as well as determine VPBank’s capacity and prestige in implementing international credit projects.